Fewer interested in homeownership

Fewer people see homeownership as a crucial part of attaining the American Dream, says a recent survey by Trulia.com.

The real estate website said that only 72 percent of respondents said they needed to own their own home to achieve their financial goals. That’s down from 77 percent at the beginning of the year.

While 27 percent of renters said they had no interest at all in owning their own home, the rest said they would eventually like to buy. But those home-buying plans were off in the future, with 68 percent saying that it would be at least two years or more before they took the plunge.

When asked what would get them to buy a home within the next 12 months, the responses went like this:

59 percent said having saved enough money for a down payment.

35 percent said getting a new job while 29 percent said getting a promotion or a raise.

35 percent said interest rates staying low or going even lower.

31 percent said if buying made better financial sense than renting.

The tough housing market coupled with changing notions about homeownership has helped bolster the apartment market, according to the National Multi Housing Council.

In the second quarter, 69 percent of those surveyed said the apartment market was tighter — meaning either lower vacancy rates or higher rents — than the previous quarter.

“Demand for apartment residences has substantially increased thanks to modest improvements in the jobs market and the continuing decline in homeownership rates,” said the Mark Obrinksy, the council’s chief economist.

The homeownership rate in San Diego County was 56.4 percent in 2009, according to the U.S. Census Bureau. In its most recent survey, the San Diego County Apartment Association said the vacancy rate here was 4.9 percent with a weighted average rent of $1,183 across all unit types.